REVEALED: The average price of a house in Dundalk and Louth

The price of an average 3-bedroom semi in Louth is €187,000 - an increase of 1.4 per cent from December 2016 to today.

The figures were revealed by REA (Real Estate Alliance) according to their Average House Price Index.

The most expensive county in the country is Dublin were the average three-bed semi in Dublin now costs €404,167.

REA say that the easing of the Central Bank restriction on lending for first-time buyers has had an immediate effect on the market with a large rise in numbers at viewings and potential buyers with mortgage financing. Supply, however, remains extremely limited.

“There has been a recovery in bank lending, which has been reflected in the purchasing end, but the accelerated figures in the Dublin market particularly, show that we are moving into a vendors’ marketplace,” said REA spokesperson Healy Hynes.

“Many private vendors are now emerging from negative equity and can afford to make the move from the starter to the second home.

“However, we need to look at these figures in relation to the market where stock levels are at their lowest nationwide since January 2007.

“Although mortgage drawdowns at 29,498, were up 12% in Q4 2016, they were actually less than they were in 1980 when the economy was in deep recession.

“At a current average price of €136,194, and an annual compound rise of 12.9%, it will be 2021 at the earliest before it becomes economic to build outside the cities.”

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